Fiserv, Inc., a leading global provider of financial services technology solutions, released the results of its quarterly consumer trends survey, which found that people are using a combination of digital and traditional channels to manage their finances.
One of the biggest finds of the survey, titled “Expectations & Experiences,” is that while people are generally happy with their financial institutions, they are seriously stressed about their overall financial health.
“The latest Expectations & Experiences survey underscores the day-to-day concerns about money that still loom large for consumers, even as there are more options available than ever before in how they can manage their finances,” said Mark Ernst, chief operating officer, Fiserv, in a press release. “For banks, credits unions and billers, this is an opportunity to go beyond offering products to creating experiences that are essential to people’s lives, anticipating their needs and giving customers control and confidence in their financial futures.”
While the more than 3,000 people surveyed reported a high rate of satisfaction with their emotional health, social life and physical health, only 36 percent rated satisfaction with their financial health as an eight or higher on a scale of zero to 10. Debt is a primary concern, with only 39 percent saying they would be able to pay back a $500 loan today if needed. Millennials were especially concerned with their overall state of money affairs, with 32 percent reporting lower satisfaction in their financial health than their older counterparts (38 percent).
When it comes to fulfilling their banking needs, consumers are using a mix of traditional and digital services, with 76 percent rating their happiness with their financial institution an eight or higher on a scale of zero to 10. While it shouldn’t come as a surprise that millennials access mobile banking three times more often than older generations, online security is still a major concern for all consumers. The report found that 65 percent are interested in security programs to safeguard mobile activity, while 58 percent would be open to using biometric methods (voice, fingerprint, palm scan, etc.) to replace passwords for identity verification in online or mobile banking.
But traditional forms of payment are still being utilized often by consumers, whether they like it or not. While only 6 percent of consumers said checks were their preferred method of payment, 58 percent said they cashed a check within the last three months.